I am trying to “close” on a lease option which I intend to “sandwich lease” and I would like to secure the L/O with a Performance Mortgage. Spoke with the Lessor’s attorney today and he is under the impression that a mortgage to secure performance is illegal in Texas. Any comments or could anybodt steer me to a “resource” regarding performance mortgages in Texas. Thanks, Tom
Best to secure performance with cash, gold, diamonds, etc. What property would the mortgage be secured by. Not yours for sure or the house they are leasing that you are leasing and do not own or have the right to encumber. As far as I know they can give you a mortgage on a property they own as security if they have equity you may want to accept that as a performance incentive. Just a few thoughts on the subject. Hope i helped
Thank you,
Ted P. Stokely Jr
11505 Sw Oaks
Austin, Texas 78737
512-301-9171 home
512-587-6177 mobile